The Obama administration has unveiled new sanctions against Venezuela’s state oil company and six other global firms involved in trade with Iran. U.S. Deputy Secretary of State James Steinberg unveiled the sanctions in Washington.

James Steinberg: “This administration, which is the first to impose sanctions on firms under the Iran Sanctions Act, has been working aggressively to prevent Iran from developing its energy sector. Iran uses revenues from its energy sector to fund its nuclear program as well as to mask procurement of dual-use items. Today’s actions adds further pressure on Iran to comply with its international obligations.”